© Dukascopy Bank
"Investors remain cautious about a possible rebound in the yen"
- RCM Japan Co. (based on Bloomberg)
Industry outlook
EUR/JPY's outlook remains bullish. The pair is presently overcoming 105.75/106.80 resistance area and will aim for 107.20 (200 day ma) next. Supports are situated at 105.22/59 and at 103.90.
Traders' sentiment
The balance between the amount of bulls and bears in the market is coming into equilibrium, making the traders' sentiment neutral on the currency pair.
Long position opened
Investors should pay close attention to the identified resistance levels for the pair at 106.83, 107.26 and 107.97.
Short position opened
Largest investors might have placed their take profit orders at the key support levels. These levels for intraday trading are situated at 105.69, 104.98 and 104.55.
© Dukascopy Bank